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Please answer with excel or written work. Im confused and would like to see how its worked out, thanks! e. Minna, Motts, and Soren are
Please answer with excel or written work. Im confused and would like to see how its worked out, thanks!
e. Minna, Motts, and Soren are the three partners in the Kommitment Partnership. Profits and losses are allocated 30%/30%/40% by Minna, Motts, and Soren, respectively. The Kommitment Partnership reports the following balance sheet at the end of the current year: 400,000 252,500 Liabilities Cash Other Assets 637,500 Minna, Capital 225,000 225,000 Motts, Capital Soren, Capital 40,000 890,000 $890,000 Total Assets Total Liab & Equity The partners decide to liquidate the partnership. The non-cash assets are sold for $500,000. Liabilities are paid in full. Assume that any partner with a negative capital balance is insolvent and cannot make any capital contribution to the partnership. What is the total amount of cash that will be available to distribute to the partners? (Show work, clearly labeling each amount used in your computation.)Step by Step Solution
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